A Facebook Cryptocurrency Could Be in the Works

Facebook might be getting into cryptocurrency in the future. According to a newly-published report from Cheddar, the social media giant is currently “exploring the creation of its own cryptocurrency,” using a newly-formed team to spearhead the initiative. One of Cheddar‘s sources revealed that they were “very serious” about the maneuver, and a Facebook representative previously explained to the outlet that the company was looking into “ways to leverage the power of blockchain technology.” Facebook reportedly started researching blockchain about a year ago.

Facebook’s introduction to cryptocurrency mimics others’ entry as well — most recently Roberto Escobar, brother of Pablo Escobar, launched his own “Diet Bitcoin” shortnamed DDX. Facebook’s inclusion of financial systems within its social network can also be compared to WeChat‘s use of its government-controlled platform as a viable form of payment across China.